IAA Statement on SEC Scheduling of Fiduciary/Standards of Conduct Rule Proposal
“The Investment Adviser Association has long advocated that all financial services professionals providing investment advice be held to a standard of conduct as stringent as the one that binds investment advisers – the well-established fiduciary duty under the Investment Advisers Act of 1940. The IAA is pleased that the SEC will be proposing a new standard of conduct rule for broker-dealers that we hope will be as robust as the Advisers Act standard – such a rule is crucial for investor protection.
April 12, 2018